RDIF announces investments in major Russian tech-companies at WEF in Davos
Davos, January 23, 2020 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, announces a series of investments in several major Russian companies, on the sidelines of the World Economic Forum in Davos.
Most notably, a consortium of investors including RDIF, Baring Vostok and leading funds from the Middle East is to invest in Carprice, the largest Russian car sales service. The company will use the investment to accelerate growth of its business in Russian regions and develop a B2B platform. The Russian car market is currently one of the largest in the world. Investment in Carprice will enable it to actively increase its market share and develop platforms for interdealer car sales, an innovation in the Russian Federation.
RDIF is also investing, jointly with partners from France and the Middle East, in the Elementaree meal kits delivery service. Currently, Elementaree is one of the market leaders for the delivery of ready-to-cook meal kits by subscription in Moscow and St. Petersburg. The transaction will enable the company to expand its production facilities and install cutting-edge technological equipment. The investment will support the digitalization of Elementaree’s services and help extend its business to other cities. The company plans to start operating in Nizhny Novgorod, Kazan, Yekaterinburg and Novosibirsk by 2022. Elementaree’s products enable you to cook any meal in just 15 minutes using fresh, prepared ingredients. The service is very popular among busy people in large cities.
RDIF and Middle Eastern partners will also support the growth of Travelata, the leading Russian online travel agency. Travelata’s platform provides a selection of offerings from over 120 tour operators, enabling its customers to choose the best package tour offers at the lowest price. In addition, customers can independently choose all the parts of their holiday (including flights, hotel, etc.). The company's business model provides for the sale of tours online without the need for any human assistance. On top of its digital sales channels, Travelata has offices in 20 cities of the Russian Federation.
Kirill Dmitriev, CEO of RDIF, said:
“Investments in promising technology companies confirm the commitment of RDIF and partners to digitalize the Russian economy. In particular, investment in Carprice's business growth will enable us to shift to a safer and legally protected model for the sale of cars ensuring maximum benefit for customers and minimum costs for dealerships.
Elementaree has unique personalization technologies that maximize customer satisfaction by providing them with fresh and high-quality products. Supporting a healthy lifestyle and improving quality of life and developing promising customer services are also among RDIF’s investment priorities.
Investing in Travelata we strive to make travel more accessible for our citizens, not only in terms of price, but also the convenience of using the appropriate services. Growth in the online segment of tour sales is a global trend, and Travelata is actively increasing its market share. Since its foundation in 2011, the company has achieved a leading position in Russia.”
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB1.5 tn and covering 95% of the regions of the Russian Federation. RDIF’s portfolio of companies employs more than 800,000 people and generates revenues which equate to over 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn. Further information can be found at www.rdif.ru
For additional information contact:
Arseniy Palagin Maria Shiryaevskaya / Andrew Leach
Russian Direct Investment Fund Hudson Sandler
Press Secretary Tel: +44 (0) 20 7796 4133
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41